By Staff Reporter
GOLD-focused miner Kuvimba Mining House Wednesday declared its first dividend, paying US$5,2 million to its to investors after it reported record production.
The dividend will be paid to shareholders in the first quarter of 2022, earlier than expected.
Government, the largest investor in the mining company with 21,5 % stake, will get the proverbial lion’s share of US$1,7 million.
The second highest earner, Datvest Nominees will get US$1 million.
The National Venture Capital Company of Zimbabwe will get US$600 000 while the Public Service Pension Management earned US$560 000.
Other public shareholders, namely the Public Service Pension Management, Deposit Protection Corporation, Wealth Fund of Zimbabwe, Fund and the Insurance and Pensions Commission will get US$560 000, US$400 000, US$400 000 respectively.
The dividend is for the financial year ended March 2021.
It comes at a time most companies are grappling with the effects of the COVID-19 pandemic.
Addressing the declaratory ceremony Wednesday morning, Kuvimba chairman Justin Mupamhanga said the company was realising good gold output.
“Kuvimba has taken its rightful place in the economy by contributing directly towards the attainment of the mining sector vision of delivering a US$12 billion mining industry by 2023, which anchors the National Development Strategy 1 (2021-2025), and thus ensuring the vision is attained,” Mupamhanga said.
“The NDS1 also places prominence on equality of opportunities and non-discrimination, as well as empowerment of Zimbabwean citizens, a principle summarised as ‘leaving no-one and no place behind’.”
Finance and Economic Development Minister Mthuli Ncube said government had invested in KMH to promote a rapid economic growth.
“Kuvimba is an example of the second republic’s thrust to reawaken the Zimbabwe economy’s potential by unlocking value, out of various natural resource and mineral endowment,” he said.
“The mining house is playing its role in ensuring that government’s vision of a 12-billion-dollar mining economy by 2023 is achieved by playing its part Kuvimba, thus contributing not only to the attainment of national strategic objectives under NDS1 but the pursuit of vision 2030.”
As part of its corporate social responsibility, also channelled US$250 million to the Zimbabwe Women’s Microfinance bank to recapitalise women entrepreneurship.
Women’s Affairs minister Sithembiso Nyoni said the fund will increase women’s participation in business as by affording them more access to capital.
Freda Rebecca Gold Mine, Bindura Nickel Corporation, Shamva Gold Mine, Jena Mine, Elvington Mine, Zim Alloys, and Greak Dyke Investments (GDI) are subsidiaries of Kuvimba.
Between 2011 and 2020, Fredda Rebecca Gold Mine produced on average, between 1 500kg and 2 100kg of gold per year and the company has managed to increase gold production to 2 690kg within the first year of full ownership of this mine.
The company targets to increase production to 3 215kg of gold per annum.